Empowering India's Quest for Financial Freedom: past, present and future

The euphoria of India winning the 1983 Cricket World Cup still echoes in my memory. As a kid whose first love was cricket, I was glued to our neighbour’s black and white television set.  When Mohinder Amarnath took the last West Indian wicket, my friends and I broke into a frenzied little dance. This was it… I thought. Nothing else could ever make Indians prouder.

Even now, every time India wins a match, I am exhilarated. But as the MD and CEO of Bandhan Life, the game, for me, has shifted from the cricket pitch to the vast playing field of our nation’s economy. For me, the ultimate win would be when every Indian has attained financial freedom – where every Indian household is financially secure. It’s an ambitious target, but Indians don’t like giving up on a good chase, do we?

In a rapidly changing world, pursuing financial freedom is the cornerstone for both individual prosperity and the growth of nations. This journey is not just about economic numbers but about the human spirit—its ambitions, dreams, and an inherent desire for financial security.

THE PAST

India's financial innings started post-independence. A slow start, yes, but full of hope. The ’90s signalled a turning point. Economic reforms beckoned many global players into the Banking, Financial Services, and Insurance (BFSI) sector, heralding the dawn of a financial renaissance.

The new era saw a significant increase in competition, leading to better consumer services. Private players brought new ideas and technologies that have improved efficiency by leaps and bounds. As the private sector flourished, Bandhan Life took birth, pioneering digital insurance in India.

THE PRESENT

Financial Inclusion

India’s epic innings got a fresh lease of life with millions of families for the first time, getting a flavour of absolute freedom – financial freedom. With initiatives like the Pradhanmantri Jandhan Yojana (PMJDY) and online banking, India's economic landscape is brimming with potential. These changes have paved the way for digital insurers like Bandhan Life, simplifying the insurance experience. We're not just offering policies - we're crafting holistic solutions. UPI's rise and increased internet penetration have opened up several opportunities for digital insurers like us.

The goal - make buying life insurance as easy as purchasing a T-shirt online!

A New Era

Gone are the days when insurance was bound by paperwork and geographical limitations. Bandhan Life stands at the heart of this transformative wave, spearheading a movement where technology meets finance. From the urban heartlands to the country's remotest villages, our commitment ensures that every Indian—a metropolitan executive or a construction worker—shares the insurance umbrella.

AI-powered decision-making is helping us serve a vast audience, many of whom are self-employed, that for decades remained unable to achieve financial security. Using digital underwriting, we have created buying journeys that are short, simple, and need zero documentation. Our new term product stands testimony to this fact. With premiums as low as ₹5 a day, our customers can secure their families against any financial crises that may arise from their death. A customer can obtain life insurance instantly with just a PAN number, phone number and a video selfie. An algorithm works real-time in the background, assessing the person's financial and physical health, and making a decision on the spot.

At Bandhan Life, we envision a new era of life insurance, where we won’t just offer policies—but craft solutions with more AI-based customisations. Add to that medical verification through facial analytics, paperless applications, and claims -- these are just the tip of the iceberg.

THE FUTURE

Striking the Right Partnership 

Through innovative solutions, we can address some of the biggest challenges that the country faces in terms of financial literacy. Only 27 percent of the country’s population is financially literate. The Indian population remains chronically under-insured. In the event of the death of the breadwinner of a family, the available funds to support the surviving members and pay off debts are less than nine percent of the total protection required.

Our strategy? Forming the right partnerships. Like in cricket, with the right partner, every run becomes achievable. A combined effort of insurtechs, edu-techs, fintechs, health-techs, payment apps, and e-commerce companies can cast the insurance net wide and deep.

Cricket taught me early on – that every run counts and every player has a role. At Bandhan Life, our aim is to ensure every Indian gets their shot at a worry-free innings!